TIDMNARS

RNS Number : 0886J

Nationwide Accident Repair Srvs PLC

01 April 2015

AIM: NARS

Nationwide Accident Repair Services plc

("Nationwide" or "the Group")

Announces

Acquisition of Seward Accident Repair Centres Limited ("Seward")

Nationwide, the largest dedicated provider of automotive crash repair services in the UK, is pleased to announce that it has completed the acquisition of Seward Accident Repair Centres Limited ("Seward"). The total net cash consideration is GBP3.8m and will be funded from the Group's own cash and banking resources.

Seward is the tenth largest independent bodyshop chain in the UK and operates from a Head Office in Hampshire with eight bodyshops, together with mobile vehicle repair services, in the areas of Poole, Bournemouth, Southampton, Portsmouth and Brighton, providing repair services to retail customers, insurance and fleet companies. For the year ended 31 March 2014, Seward generated revenues of GBP16.0m and profit before tax and depreciation of GBP1.1m. Its net assets stood at GBP1.5m at 31 March 2014.

The addition of Seward's bodyshops gives Nationwide greater coverage in the South and improves economies of scale and flow whilst extending the Group's presence in its target markets of insurance, fleet and retail.

Enquiries:

 
 Nationwide Accident    Michael Wilmshurst, Chief    T: 020 3178 6378 
  Repair Services        Executive                    (today) 
  plc                    David Pugh, Group Finance    T: 01993 701720 
                         Director 
 
 KTZ Communications     Katie Tzouliadis             T: 020 3178 6378 
 
 Westhouse Securities   Antonio Bossi                T: 020 7601 6100 
                         Henry Willcocks

About Nationwide Accident Repair Services plc

Nationwide provides automotive crash repair and accident administration services to the UK insurance industry, fleet operators and retail customers and is the largest dedicated provider of accident repair services in the UK.

The Group operates a national network of accident repair centres across England, Scotland and Wales and has dedicated mobile repair fleets which repair light damage and automotive glass. Other services include accident administration, courtesy cars and salvage management. All Nationwide's services are fully integrated and unified on a single IT platform, enabling the Group to provide market-leading standards.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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